FMA tipped to crack down on more managers
Ross Pennington, a partner at Chapman Tripp, said the high level of enforcement activity seen by the regulator over the past month was likely to become the new normal.
As well as the $1.5 million settlement with Milford, two directors of Apple Fields were fined, 23 firms forex firms removed from the FSPR, asset preservation orders were obtained over Arena Capital and a $500,000 compensation payment was secured from Pacific Edge for breaching continuous disclosure provisions of the NZX listing rules.
Pennington said it was a function of the increasingly regulated market, which now has several layers of legislation, many of which were difficult to comply with and required a lot of constant work.
The industry was now dealing with about 20 times the level of regulation than it had previously. He said the FMA had about three times the staff the Securities Commission had at its zenith and many dedicated to enforcement.
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